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Regional Round-up

June 2017

The prime focus in North Wales through the second half of 2016 and the first quarter of 2017 has been the implementation of the new Rent Smart Wales legislation.

Initially, there was a large backlog in processing applications and the administration of licences at Cardiff but recent reports confirm that they have caught up and will now be able to focus on those landlords and indeed some agents who have not registered properties or applied for licences.

Local agents have informed me that although they have seen some landlords bring their properties to agents it has not been in quantities we had expected. There are however still quite a lot of landlords who have ignored the legislation, either deliberately or through ignorance, that may yet be a source of new business for agents.

We are seeing an increase in landlords selling some rental stock, quoting rises in taxes as their main reason. Overall stock has increased slightly. Looking ahead, the possibility of Wales following England on letting agents’ fees is our biggest concern with an anticipation that rents will rise to include an element to replace lost fees to tenants.Demand remains high for family houses, bungalows and single-occupancy flats in all areas. Rent levels have risen slightly but nothing like what is happening in other areas.

On a positive note, smaller offices in North Wales continue to benefit from 100 per cent business rate rebate.